AI, upskilling, and sectoral growth lead India's evolving 2024 job market

As 2024 draws close, India’s job market highlights a year of adaptability and transformation. This year, hiring trends followed a bell curve, with some sectors lagging and others picking up pace later. Economic shifts, technological advancements, and an evolving workforce across metro cities and emerging hubs influenced the market. Key sectors such as IT, FMCG, and pharma displayed significant activity, while upskilling became essential for bridging growing skills gaps. Data from Naukri’s hiring trends showed a cautious start in Q1, with a 10% YoY drop. However, the market stabilised in Q2 and saw a robust recovery in Q3, particularly in the IT sector and emerging regional hubs. Fresher hiring in IT is expected to grow by 15-20% in the coming years, with roles in AI, machine learning, data analytics, and cloud technologies seeing an uptick. 

The FMCG and pharma sectors experienced steady growth, with FMCG reaching a peak of 20% in Q3. The pharma industry also thrived, driven by sustained healthcare demand, particularly for roles in sales and marketing. Cities like Bengaluru, Delhi, and Hyderabad saw strong demand for food engineers and brand management trainees. The banking and financial services sector showed steady growth. In contrast, the manufacturing sector, especially auto and auto ancillaries, rebounded with a 6% YoY growth. White-collar job hiring surged, with 73% of employers seeking talent between April and June 2024. Metro cities such as Chennai, Hyderabad, and Pune led the recovery, with cities like Udaipur, Indore, and Bhubaneswar also experiencing significant growth. Despite positive trends, a widening skills gap remains a challenge, with 61% of employers concerned about its impact in the next two years if skilling initiatives are not prioritised. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.